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Donating Securities/Mutual Funds
For more information about planned giving, please contact Juliann Sousa at
Newport Hospital Foundation welcomes gifts of securities, which are easy to make with minimum delay and expense, with tax benefits to the donor. The effective date for establishing the gift value is the day the securities pass from the donor's control into ours. The value is the mean between the high and low quotations on that day, and will be so recorded and acknowledged by the foundation as the donor's contribution (before any fees are taken). You may use one of the following methods:
If your broker or financial services provider holds the securities for your account and can sell the securities on our behalf without opening a new account, this is by far the easiest method. Have your representative contact Newport Hospital Foundation at 401-845-1619 with the pertinent information regarding the name of the stock or fund and the number of shares. They should also provide us with your instructions as to the purpose of the gift.
A second method, when securities are held in your account by a broker, is to have the shares transferred electronically. Have your broker contact Newport Hospital Foundation at 401-845-1619 with the pertinent information regarding the name of the stock or fund and the number of shares. We will then inform our broker, Charles A. Edenbach, III at Wells Fargo Advisors, LLC in Newport, 401-848-9949, to expect the shares to be delivered to our account.
The Information Your Broker will Require for Delivery
- DTC #: 0141
- Account #: 4753-1684
- Account Name: Newport Hospital Foundation
- Newport Hospital Foundation's Tax Identification #: 22-2535533
- Address: 11 Friendship Street, Newport, RI 02840
- Phone: 401-845-1619; Fax: 401-845-1033
If you have physical possession of stock certificates, you may send the unendorsed certificates and a signed stock power (available from our office or a broker) to us in separate envelopes. The gift is complete on the date postmarked.
In most cases, you may claim the full fair market value of the shares as a charitable deduction for income tax purposes. You must have owned the securities at least one year and a day. Such gifts are deductible up to 30% of your adjusted gross income (AGI) in the year of the gift. Please consult with your financial advisor for specific advice on your situation. This information is not intended as legal advice and is no substitute for legal counsel.
If You Hold the Securities
Send the unendorsed securities by registered mail to:
Newport Hospital Foundation
11 Friendship Street
Newport, RI 02840
In a separate envelope to the same address, send a letter stating your desire to donate the securities (giving the company name and number of shares of each) to the Foundation along with a stock power form and a Third Party Release form. Please obtain both documents from our office and both documents will need to be signature guaranteed by your custodian. These forms are required by our custodian as of May 2004.
If You Wish to Donate Shares of a Mutual Fund
Send a letter to the manager of the mutual fund stating your intention to give by donation the desired number of shares to the Newport Hospital Foundation and give them our address. The mutual fund manager should be reminded to not sell the shares outright from your account, as that would trigger capital gains tax. Direct the manager to transfer the desired number of shares to our foundation. Please remember that each mutual fund has its own procedures about charitable donations of shares.
If you are donating securities, kindly inform us to make sure your gift is properly received, credited and receipted to you.